After seeing some of that tournament video, this DOES look pretty good.
I cant give much feedback beyond there though. I'm not a fan of playing fighting games online against randoms (because people tend to use the same strategies over... and over.... and over... and never do anything new, even if it isn't working, and I get bored fast) and that's the only way I'd be able to play this one. Pretty much nobody I know would touch it. I have a hard enough time getting anyone I know to do any fighting games with me as it is. They'll do Arc's games (though I don't play the most recent Guilty Gear, because bah) but that's about it.
Which is a shame, because it does look like a lot of fun.
Though, there's one other thing that tends to bug me when it comes to games that look like the online is going to be a major aspect of it: They're a very risky buy. Either they're huge, or it becomes very hard to find opponents. This has always irritated the hell outta me, but that's how it often is.
In terms of gameplay though, yeah, it looks pretty good.
How does it compare to Smash? Hmm, I dunno. It's been a LONG time since I played Smash all that much. Melee was fast and exciting, yet was also absolutely godawful; a totally broken mess defined by it's bugs and monstrous balance problems. Brawl... you know, I liked Brawl well enough. But that game just didn't last long. Smash 4? Now I do like Smash 4, but again, I don't play it all that much. Nobody I know cares, so... that ended pretty fast.
HOnestly though I cant imagine my own input here would be all that useful. I never played Smash by tourney rules unless I absolutely had to; I usually kept items on and stages could be anything. Why? Because of the chaos of it. It's one thing to bring down an opponent; it's another to bring down an opponent who grabbed every possible advantage, yet STILL couldn't win. And to reliably do so among the constant chaos that the game could generate.... yeah, that's a huge part of why I played Smash. It was quite the thrill to do that. I'd do tourney rules if required but tended to get bored with it fast; after enough of the "playing with chaos" type gameplay the normal tourney matches just... were uninteresting in comparison. Part of that though might have been it's utter lack of a sensible combo system (again, used to Arc's games and similar things) so the basic fighting wasn't hugely exciting without the extras and didn't require all that much focus.
This clearly has some combo stuffs going on internally, so that looks nice. It looks a little slow-moving though.... but to be fair I think everything is slow, so I suppose that doesn't mean much. The characters look fun, the attacks look fun, the art is nice and crisp... yeah, it looks nice enough to me.
But.... yeah, I'd give more feedback if this were one I'd actually be playing. Lately though, I've had to find competition in entirely different genres, which is more than a little frustrating (because finding other damn genres to compete in is hard; all anyone ever wants to do is play modern FPS games now). So that's about all I have on this one.